Finance

Founder Charlie Javice found guilty of defrauding JPMorgan Chase

Published

3 weeks ago

March 28, 2025

Charlie Javice, who is charged with defrauding JPMorgan Chase & Co into buying her now-shuttered college financial aid startup Frank for $175 million in 2021, arrives at United States Court in Manhattan in New York City, June 6, 2023.

Mike Segar | Reuters

Charlie Javice, founder of a startup purchased by JPMorgan Chase in 2021, was convicted in federal court Friday of defrauding the bank by vastly overstating the company’s customer list.

The jury decision comes after weeks of testimony in New York over who was to blame for the flameout of a once-promising startup. JPMorgan accused Javice, 32, of duping the bank into paying $175 million for a company that had more than 4 million customers, when in reality it had fewer than 300,000.

A spokesperson for JPMorgan declined to comment.

This story is developing. Please check back for updates.

Finance

U.S. will have a recession in 2025 if high tariffs stay, Apollo’s Slok says

Published

2 hours ago

April 21, 2025

Business Finance News

Finance

Stocks making the biggest moves midday: HTZ, NVDA, AMZN, AAPL

Published

2 hours ago

April 21, 2025

Business Finance News

Finance

Chicago Fed’s Goolsbee says Fed independence is ‘critically important’ for its inflation fight

Published

5 hours ago

April 21, 2025

Business Finance News

Chicago Federal Reserve President Austan Goolsbee.

Kate Rooney | CNBC

Federal Reserve Bank of Chicago President Austan Goolsbee on Monday urged against reducing the central bank’s independence as President Donald Trump amped up criticism of Chair Jerome Powell.

“The long run expectations that the Fed would get inflation back down to the 2% target were critically important. Fed independence is critically important for that,” Goolsbee said on CNBC’s “Squawk Box.”

“When there is interference over the long run, it’s going to mean higher inflation, it’s going to mean worse growth and higher unemployment, because there’s just going to be a little less willingness to step up and do the hard things when the moment is tough,” he said, while declining to comment directly on what Trump has said.

Trump levied another salvo at Powell on Friday for not lowering interest rates. There have also been talks that Trump may try to pull strings on monetary policy both by legislation and possibly by installing a “shadow chair” who could undermine Powell’s authority.

“If we had a Fed Chairman that understood what he was doing, interest rates would be coming down, too,” Trump said, pointing to examples of falling prices. “He should bring them [interest rates] down.”

White House economic adviser Kevin Hassett said Friday that Trump and his team are assessing whether they can remove the Fed chair. Powell has said previously that he cannot be fired under law and intends to serve through the end of his term as chair in May 2026.

“I’ve been at the Fed for a little over two years. Before I was ever at the Fed, I would tell you, economists are basically unanimous that Fed independence is critically important,” said Goolsbee. “And to see why, just look at the countries where they don’t have Fed independence. Inflation is higher, unemployment is higher, growth is worse.”